2018 Vermont Statutes
Title 11C - Mutual Benefit Enterprises
Chapter 8 - Directors And Officers
§ 803 Qualifications of directors
§ 803. Qualifications of directors
(a) Unless the organic rules otherwise provide, and subject to subsection (c) of this section, each director of a mutual benefit enterprise shall be an individual who is a member of the enterprise or an individual who is designated by a member that is not an individual for purposes of qualifying and serving as a director. Initial directors need not be members.
(b) Unless the organic rules otherwise provide, a director may be an officer or employee of the mutual benefit enterprise.
(c) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:
(1) one if there are two through four directors;
(2) two if there are five through eight directors; or
(3) one-third of the total number of directors if there are at least nine directors.
(d) The organic rules may provide qualifications for directors in addition to those in this section. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
